The stock of Silver Standard Resources Inc. (TSE:SSO) gapped up by $0.48 today and has $23.90 target or 48.00% above today’s $16.15 share price. The 5 months technical chart setup indicates low risk for the $1.89B company. The gap was reported on Nov, 9 by Barchart.com. If the $23.90 price target is reached, the company will be worth $907.20M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.53M shares traded hands or 214.23% up from the average. Silver Standard Resources Inc. (TSE:SSO) has risen 98.11% since April 5, 2016 and is uptrending. It has outperformed by 93.33% the S&P500.

Silver Standard Resources Inc. (TSE:SSO) Ratings Coverage

Out of 3 analysts covering Silver Standard Resources (TSE:SSO), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. $17 is the highest target while $6.40 is the lowest. The $12.05 average target is -25.39% below today’s ($16.15) stock price. Silver Standard Resources has been the topic of 8 analyst reports since September 1, 2015 according to StockzIntelligence Inc. As per Monday, August 15, the company rating was maintained by BMO Capital Markets. The firm has “Outperform” rating given on Wednesday, June 29 by National Bank Canada.

Silver Standard Resources Inc. is a resource company. The company has a market cap of $1.89 billion. The Firm is engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. It currently has negative earnings. The Firm operates through three divisions: Pirquitas mine, Marigold mine, and Exploration and evaluation properties.

SSO.TO Company Profile

Silver Standard Resources Inc., incorporated on December 11, 1946, is a resource company. The Firm is engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. The Firm operates through three divisions: Pirquitas mine, Marigold mine, and Exploration and evaluation properties. The Firm has over two producing mines and a portfolio of silver resource dominant projects located throughout the Americas. The Firm is focused on silver production from the Pirquitas mine in Argentina and gold production from the Marigold mine in Nevada, the United States. The Company’s other projects include San Lius project in Peru, Pitarrilla project in Mexico and Berenguela project in Peru.